Insider Selling: Boyd Gaming Corporation (NYSE:BYD) Director Sells 3,226 Shares of Stock

Key Points

• Director William R. Boyd sold 3,226 shares of Boyd Gaming stock on August 11th at an average price of $81.57, representing an 11.44% decrease in his ownership.
• Boyd Gaming reported $1.87 earnings per share for the last quarter, surpassing estimates and indicating a 6.9% increase in revenue year-over-year.
• Analysts have varied opinions on Boyd Gaming, with price targets ranging from $73.00 to $100.00 and a consensus rating of "Hold."

Boyd Gaming Corporation (NYSE:BYD - Get Free Report) Director William R. Boyd sold 3,226 shares of the stock in a transaction that occurred on Monday, August 11th. The shares were sold at an average price of $81.57, for a total transaction of $263,144.82. Following the completion of the sale, the director owned 24,962 shares in the company, valued at $2,036,150.34. This represents a 11.44% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website.

Boyd Gaming Stock Up 1.0%

Shares of BYD traded up $0.81 during mid-day trading on Wednesday, hitting $84.21. 598,008 shares of the company's stock were exchanged, compared to its average volume of 1,064,693. The company has a market cap of $6.75 billion, a PE ratio of 12.96, a P/E/G ratio of 2.75 and a beta of 1.24. Boyd Gaming Corporation has a 52 week low of $55.91 and a 52 week high of $87.76. The company has a 50-day simple moving average of $80.20 and a 200 day simple moving average of $74.41. The company has a debt-to-equity ratio of 2.53, a current ratio of 0.86 and a quick ratio of 0.82.

Boyd Gaming (NYSE:BYD - Get Free Report) last released its earnings results on Thursday, July 24th. The company reported $1.87 earnings per share for the quarter, beating the consensus estimate of $1.67 by $0.20. Boyd Gaming had a net margin of 14.02% and a return on equity of 40.65%. The business had revenue of $1.03 billion during the quarter, compared to analysts' expectations of $976.81 million. During the same period last year, the business earned $1.58 earnings per share. The firm's revenue was up 6.9% on a year-over-year basis. On average, research analysts forecast that Boyd Gaming Corporation will post 6.52 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Boyd Gaming

Several hedge funds and other institutional investors have recently made changes to their positions in the company. M&T Bank Corp bought a new position in shares of Boyd Gaming in the second quarter valued at $229,000. Edgestream Partners L.P. grew its stake in shares of Boyd Gaming by 59.7% in the second quarter. Edgestream Partners L.P. now owns 18,594 shares of the company's stock valued at $1,455,000 after buying an additional 6,954 shares in the last quarter. Panagora Asset Management Inc. bought a new position in shares of Boyd Gaming in the second quarter valued at $224,000. Norges Bank bought a new position in shares of Boyd Gaming in the second quarter valued at $54,933,000. Finally, Choreo LLC grew its stake in shares of Boyd Gaming by 13.0% in the second quarter. Choreo LLC now owns 34,079 shares of the company's stock valued at $2,672,000 after buying an additional 3,915 shares in the last quarter. 76.81% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

A number of analysts recently weighed in on BYD shares. Truist Financial increased their price target on shares of Boyd Gaming from $85.00 to $100.00 and gave the company a "buy" rating in a research report on Wednesday, July 16th. Stifel Nicolaus increased their price target on shares of Boyd Gaming from $87.00 to $90.00 and gave the company a "hold" rating in a research report on Friday, July 25th. Barclays increased their price target on shares of Boyd Gaming from $73.00 to $87.00 and gave the company an "equal weight" rating in a research report on Friday, July 18th. Raymond James Financial raised their target price on shares of Boyd Gaming from $81.00 to $85.00 and gave the stock an "outperform" rating in a report on Monday, June 30th. Finally, Morgan Stanley restated a "sell" rating on shares of Boyd Gaming in a report on Friday, July 11th. One research analyst has rated the stock with a sell rating, six have assigned a hold rating and eight have assigned a buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of "Hold" and an average price target of $86.62.

About Boyd Gaming

Boyd Gaming Corporation, together with its subsidiaries, operates as a multi-jurisdictional gaming company in Nevada, Illinois, Indiana, Iowa, Kansas, Louisiana, Mississippi, Missouri, Ohio, and Pennsylvania. The company operates through Las Vegas Locals, Downtown Las Vegas, Midwest & South, and Online segments.

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